With Smartphones becoming more and more a part of daily life for Americans, it was only a matter of time before these devices started becoming integrated enough for use to make purchases.

PayPal, the world's leading online payment processing company, has recognized this, and has developed a new application aka "App" for Smartphone and iPad users to have the ability to use their service via a mobile device.

The company debuted the new App this past week at a private showcase at Jay-Z's 40/40 Club in New York City.

The event was co-hosted by Sam Shrauger, PayPal's VP of Global Product Strategy, and former NFL Running Back and current ESPN Analyst Merril Hoge.

Co-Sponsors of the event were two companies who stand to benefit the most from the new technology - Ebay, the world's largest online auction Website, and StubHub, the world's largest Website to buy and sell event tickets.

It is called the PayPal "Bump" Payment Method, and it has simplified the way financial transactions will forever be made.

Once the PayPal app is downloaded from the Internet, the user can register either a new account or use an existing PayPal account and password. From there, when the option called "Bump to Send Money" is enabled, all that is required is that your mobile device "bumps" that of the destination device where the payment is directed to go. PayPal then sends out a confirmation e-mail to your account to confirm the transaction.

End of year projections show PayPal will process over a half billion dollars through mobile devices throughout 2010.

For more information on the PayPal Bump Payment Processing App, click here: https://www.thepaypalblog.com/2010/08/donate-to-a-worthy-cause-with-payp.... For a list of participating retailers, visit www.paypal-shopping.com